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5 questions to ask your lenderPosted: June, 4, 2023 | Categories: Blog | Tips & Trends | Benefits of Wyoming
1. What's the interest rate for the mortgage, and does it change depending on the loan amount and how long it takes to pay it back?
- Knowing the interest rate helps you understand the cost of borrowing and compare different lenders. Understanding if the rate varies based on loan amount and repayment term allows you to evaluate the impact on your monthly payments and overall affordability.
2. How much money do I need for a down payment, and are there any options for a low or no down payment? What's the total cost?
- Knowing the total costs of obtaining the mortgage helps you budget appropriately and avoid surprises. It ensures you clearly understand all the expenses involved in the process.
3. What types of mortgages are available, like fixed-rate or adjustable-rate, and what are the differences?
- Understanding the types of mortgages available allows you to choose the one that best suits your financial goals and preferences. Knowing the differences helps you make an informed decision about the long-term stability of your mortgage.
4. How long does it take to get approved for the loan and actually get the money?
- Understanding the timeline gives you realistic expectations and helps you plan accordingly, especially if you have specific deadlines or time-sensitive needs for purchasing a home.
5. How does the mortgage process work, and will I have a dedicated loan officer or point of contact throughout the application and closing process?
- Understanding the mortgage process and having a dedicated point of contact provides clarity and support during this critical time. It allows you to have someone who can guide you, answer your questions, and provide assistance throughout the journey. Some lenders even keep their loans in house for the life of your loan, though it is common for mortgages to be sold to another company one or multiple times.
As always, we are also here to help! Give us a ring with any questions you have! We're happy to help you with your current lender or suggest someone who might be a good fit to work with.
Tags: Budget | buy-down | Buyers | Lending | Millennials | Mortgage | New Construction Homes
Author: Beth Lemon